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What do the NEW Mortgage Rules mean for you?

Blog by Diane Cardoso | March 8th, 2011

On March 18, 2011, the Federal Government will implement new mortgage rules across Canada.  The maximum amortization period available after March 18th, will be reduced to 30 years from the current 35 years. This can be a difference of between $95 - $150 per month for most homes.  This rule change will affect your purchasing power.  Currently, a Buyer with an income of $65,000 qualifies to spend up to $399,000 on a new home. When the new mortgage rules come into effect, the same amount of income will qualify to spend up to $372,000.  If you are considering making a move, as long a your Contract of Purchase and Sale date is prior to March 18th, you will still be able to take advantage of the 35 year amortization.  For more details on these new rule changes give Diane Cardoso a call at 604-218-1412.  Happy Shopping!